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Fair value measurements | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Fair value measurements | Note 17. Fair value measurements Our financial assets and liabilities are summarized below, with fair values shown according to the fair value hierarchy (in millions). The carrying values of cash and cash equivalents, U.S. Treasury Bills, other receivables and accounts payable, accruals and other liabilities are considered to be reasonable estimates of or otherwise approximate the fair values.
| Carrying Value |  |  | Fair Value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, U.S. government corporations and agencies | $ | 4,626 |  |  | $ | 4,626 |  |  | $ | 4,592 |  |  | $ | 34 |  |  | $ | — |
Foreign governments |  | 11,842 |  |  |  | 11,842 |  |  |  | 11,708 |  |  |  | 134 |  |  |  | — |
Corporate and other |  | 1,475 |  |  |  | 1,475 |  |  |  | — |  |  |  | 1,008 |  |  |  | 467 |
Investments in equity securities |  | 283,241 |  |  |  | 283,241 |  |  |  | 273,424 |  |  |  | 11 |  |  |  | 9,806 |
Investments in Kraft Heinz & Occidental common stock |  | 25,073 |  |  |  | 20,998 |  |  |  | 20,998 |  |  |  | — |  |  |  | — |
Loans and finance receivables |  | 29,327 |  |  |  | 28,912 |  |  |  | — |  |  |  | 396 |  |  |  | 28,516 |
Derivative contract assets (1) |  | 184 |  |  |  | 184 |  |  |  | 28 |  |  |  | 142 |  |  |  | 14 |
Derivative contract liabilities (1) |  | 142 |  |  |  | 142 |  |  |  | 12 |  |  |  | 85 |  |  |  | 45 |
Notes payable and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance and other |  | 45,617 |  |  |  | 41,048 |  |  |  | — |  |  |  | 41,015 |  |  |  | 33 |
Railroad, utilities and energy |  | 81,626 |  |  |  | 76,115 |  |  |  | — |  |  |  | 76,115 |  |  |  | — |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investments in fixed maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury, U.S. government corporations and agencies | $ | 4,459 |  |  | $ | 4,459 |  |  | $ | 4,425 |  |  | $ | 34 |  |  | $ | — |
Foreign governments |  | 9,362 |  |  |  | 9,362 |  |  |  | 9,199 |  |  |  | 163 |  |  |  | — |
Corporate and other |  | 1,543 |  |  |  | 1,543 |  |  |  | — |  |  |  | 1,041 |  |  |  | 502 |
Investments in equity securities |  | 271,588 |  |  |  | 271,588 |  |  |  | 261,910 |  |  |  | 10 |  |  |  | 9,668 |
Investments in Kraft Heinz & Occidental common stock |  | 30,682 |  |  |  | 23,047 |  |  |  | 23,047 |  |  |  | — |  |  |  | — |
Loans and finance receivables |  | 27,798 |  |  |  | 27,579 |  |  |  | — |  |  |  | 810 |  |  |  | 26,769 |
Derivative contract asset s (1) |  | 201 |  |  |  | 201 |  |  |  | 33 |  |  |  | 158 |  |  |  | 10 |
Derivative contract liabilities (1) |  | 234 |  |  |  | 234 |  |  |  | 15 |  |  |  | 143 |  |  |  | 76 |
Notes payable and other borrowings: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Insurance and other |  | 44,885 |  |  |  | 40,181 |  |  |  | — |  |  |  | 40,158 |  |  |  | 23 |
Railroad, utilities and energy |  | 79,877 |  |  |  | 72,506 |  |  |  | — |  |  |  | 72,506 |  |  |  | — |
—————— (1) Assets are included in other assets, and liabilities are included in accounts payable, accruals and other liabilities of railroad, utilities and energy. Notes to Consolidated Financial Statements Note 17. Fair value measurements The fair values of substantially all of our financial instruments were measured using market or income approaches. The hierarchy for measuring fair value consists of Levels 1 through 3, which are described below. Level 1 – Inputs represent unadjusted quoted prices for identical assets or liabilities exchanged in active markets. Level 2 – Inputs include directly or indirectly observable inputs (other than Level 1 inputs) such as quoted prices for similar assets or liabilities exchanged in active or inactive markets; quoted prices for identical assets or liabilities exchanged in inactive markets; other inputs that may be considered in fair value determinations of the assets or liabilities, such as interest rates and yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates; and inputs that are derived principally from or corroborated by observable market data through correlation or other means. Pricing evaluations generally reflect discounted expected future cash flows, which incorporate yield curves for instruments with similar characteristics, such as credit ratings, estimated durations and yields for other instruments of the issuer or entities in the same industry sector. Level 3 – Inputs include unobservable inputs used in the measurement of assets and liabilities. Management is required to use its own assumptions regarding unobservable inputs because there is little, if any, market activity in the assets or liabilities and it may be unable to corroborate the related observable inputs. Unobservable inputs require management to make certain projections and assumptions about the information that would be used by market participants in valuing assets or liabilities. Reconciliations of significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follow (in millions).
| Balance at January 1 |  |  | Gains (losses) in earnings |  |  | Balance at September 30 |
Investments in equity securities: |  |  |  |  |  |  |  |
2025 | $ | 9,663 |  |  | $ | 136 |  |  | $ | 9,799 |
2024 |  | 10,468 |  |  |  | (699 | ) |  |  | 9,769 |
Quantitative information as of September 30, 2025 for the significant assets and liabilities measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) follows (dollars in millions).
| Fair Value |  |  | Principal Valuation Techniques |  | Unobservable Inputs |  | Weighted Average
Investments in equity securities: |  |  |  |  |  |  |  |
Preferred stock | $ | 8,780 |  |  | Discounted cash flow |  | Expected duration |  | 4 years
|  |  |  |  |  | Discounts for liquidity and subordination |  | 325 bps
Common stock warrants |  | 1,019 |  |  | Warrant pricing model |  | Expected duration |  | 5 years
|  |  |  |  |  | Volatility |  | 43%
Investments in equity securities in the preceding table include our investments in certain preferred stock and common stock warrants that do not have readily determinable market values as defined by GAAP. These investments are private placements and are not traded in securities markets. We applied discounted cash flow techniques in valuing the preferred stock and we made assumptions regarding the expected duration of the investment and the effects of illiquidity and subordination in liquidation. In valuing the common stock warrants, we used a warrant valuation model. While most of the inputs to the warrant model are observable, we made assumptions regarding the expected duration and volatility.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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